Borrower requested a $380,000 loan to refinance a single-family property in Saint Petersburg, Florida. The property features 2 beds and 1 bath at 1,096 sq/ft. Once the property is a legal duplex, the borrower will lease the property as an annual rental and refinance as an exit to the loan.
Collateral:
Type: New Construction
Description:
Borrower requested a $425,000 loan to begin construction on a single-family property in Lakeland, Florida. The property will feature 4 beds and 3 baths at 3,727 sq/ft. The target sale price for the completed property is estimated $1.1 million.
- Loan Amount: $425,000
- Date: September 2024